"...discover how to protect and capitalize on your most
important investment.."

Because your home may well be your largest asset, selling it is
probably one of the most important decisions you will make in your
life. To better understand the home selling process, a guide has
been prepared from current industry insider reports. Through these
27 tips you will discover how to protect and capitalize on your most
important investment, reduce stress, be in control of your
situation, and make the most profit possible.

1. Understand Why You Are Selling Your
Home

Your motivation to sell is the determining factor as to how you
will approach the process. It affects everything from what you set
your asking price at to how much time, money and effort you're
willing to invest in order to prepare your home for sale. For
example, if your goal is for a quick sale, this would deter-mine one
approach. If you want to maximize your profit, the sales process
might take longer thus determining a different approach.

2. Keep the Reason(s) You are Selling
to Yourself

The reason(s) you are selling your home will affect the way you
negotiate its sale. By keeping this to yourself you don't provide
ammunition to your prospective buyers. For example, should they
learn that you must move quickly, you could be placed at a
disadvantage in the negotiation process. When asked, simply say that
your housing needs have changed. Remember, the reason( s) you are
selling is only for you to know .

3. Before Setting a Price - Do Your
Homework

When you set your price, you make buyers aware of the absolute
maximum they have to pay for your home. As a seller, you will want
to get a selling price as close to the list price as possible. If
you start out by pricing too high you run the risk of not being
taken seriously by buyers and their agents and pricing too low can
result in selling for much less than you were hoping for.

Setting Your Home's Sale Price

If You Live in a Subdivision - If your home is comprised of similar
or identical floor plans, built in the same period, simply look at
recent sales in your neighborhood subdivision to give you a good
idea of what your home is worth.
If You Live in An Older Neighborhood - As neighborhoods change over
time each home may be different in minor or substantial ways.
Because of this you will probably find that there aren't many homes
truly comparable to your own. In this case you may want to consider
seeking a REALTOR® to help you with the pricing process.
If You Decide to Sell On Your Own - A good way to establish a value
is to look at homes that have sold in your neighbourhood within the
past 6 months, including those now on the market. This is how
prospective buyers will assess the worth of your home. Also a trip
to City Hall can provide you with home sale information in its
public records, for most communities.

4. Do Some "Home Shopping" Yourself

The best way to learn about your competition and discover what
turns buyers off is to check out other open houses. Note floor
plans, condition, appearance, lot size, location and other features.
Particularly note, not only the asking prices, but also why they are
actually selling. Remember, if you're serious about getting your
home sold fast, don't price it higher than your neighbour's.

5. When Getting an Appraisal is a
Benefit

Sometimes a good appraisal can be a benefit in marketing your
home. Getting an appraisal is a good way to let prospective buyers
know that your home can be financed. However, an appraisal does cost
money, has a limited life, and there's no guarantee you'll like the
figure you hear.

6. Tax Assessments - What They Really
Mean

Some people think that tax assessments are a way of evaluating a
home. The difficulty here is that assessments are based on a number
of criteria that may not be related to property values, so they may
not necessarily reflect your home's true value.

7. Deciding Upon a REALTOR®

Nearly two-thirds of people who sell their own homes say they
wouldn't do it again themselves. Primary reasons included setting a
price, marketing handicaps, liability concerns, and time
constraints. When deciding upon a REALTOR®, consider two or three.
Be as wary of quotes that are too low as those that are too high.
All REALTOR® are not the same! A professional REALTOR® knows the
market and has information on past sales, current listings, a
marketing plan, and will provide their background and references.
Evaluate each candidate carefully on the basis of his or her
experience, qualifications, enthusiasm and personality. Be sure you
choose someone that you trust and feel confident that they will do a
good job on your behalf.

If you choose to sell on your own, you can still talk to a REALTOR®.
Many are more than willing to help do-it-your-selfers with
paperwork, contracts, etc. and should problems arise, you now have
someone you can readily call upon.

8. Ensure You Have Room to Negotiate

Before settling on your asking price make sure you leave
yourself enough room in which to bargain. For example, set your
lowest and highest selling price. Then check your priori-ties to
know if you'll price high to maximize your profit or price closer to
market value if you want sell quickly.

9. Appearances Do Matter - Make them
Count!

Appearance is so critical that it would be unwise to ignore this
when selling your home. The look and "feel" of your home will
generate a greater emotional response than any other factor.
Prospective buyers react to what they see, hear, feel, and smell
even though you may have priced your home to sell.

10. Invite the Honest Opinions of
Others

The biggest mistake you can make at this point is to rely solely
on your own judgment. Don't be shy about seeking the honest opinions
of others. You need to be objective about your home's good points as
well as bad. Fortunately, your REALTOR® will be unabashed about
discussing what should be done to make your home more marketable.

11. Get it Spic n' Span Clean and Fix
Everything, Even If It Seems Insignificant

Scrub, scour, tidy up, straighten, get rid of the clutter,
declare war on dust, repair squeaks, the light switch that doesn't
work, and the tiny crack in the bathroom mirror because these can be
deal-killers and you'll never know what turns buyers off. Remember,
you're not just competing with other resale homes, but brand-new
ones as well.

12. Allow Prospective Buyers to
Visualize Themselves in Your Home

The last thing you want prospective buyers to feel when viewing
your home is that they may be intruding into someone's life. Avoid
clutter such as too many knick-knacks, etc. Decorate in neutral
colors, like white or beige and place a few carefully chosen items
to add warmth and character. You can enhance the attractiveness of
your home with a well-placed vase of flowers or potpourri in the
bathroom. Home-decor magazines are great for tips.

13. Deal Killer Odours - Must Go!

You may not realize but odd smells like traces of food, pets and
smoking odours can kill deals quickly. If prospective buyers know
you have a dog, or that you smoke, they'll start being aware of
odours and seeing stains that may not even exist. Don't leave any
clues.

14. Be a Smart Seller - Disclose
Everything

Smart sellers are proactive in disclosing all known defects to
their buyers in writing. This can reduce liability and prevent law
suits later on.

15. It's Better With More Prospects

When you maximize your home's marketability, you will most
likely attract more than one prospective buyer. It is much better to
have several buyers because they will compete with each other; a
single buyer will end up competing with you.

16. Keep Emotions in Check During
Negotiations

Let go of the emotion you've invested in your home. Be detached,
using a business-like manner in your negotiations. You'll definitely
have an advantage over those who get caught up emotionally in the
situation.

17. Learn Why Your Buyer is Motivated

The better you know your buyers the better you can use the
negotiation process to your advantage. This allows you to control
the pace and duration of the process.

As a rule, buyers are looking to purchase the best affordable
property for the least amount of money. Knowing what motivates them
enables you to negotiate more effectively. For example, does your
buyer need to move quickly? Armed with this information you are in a
better position to bargain.

18. What the Buyer Can Really Pay

As soon as possible, try to learn the amount of mortgage the
buyer is qualified to carry and how much his/her down payment is. If
their offer is low, ask their REALTOR® about the buyer's ability to
pay what your home is worth.

19. When the Buyer Would Like to Close

Quite often, when buyers would "like" to close is when they need
to close. Knowledge of their deadlines for completing negotiations
again creates a negotiating advantage for you.

20. Never Sign a Deal on Your Next Home
Until You Sell Your Current Home

Beware of closing on your new home while you're still making
mortgage payments on the old one or you might end up becoming a
seller who is eager (even desperate) for the first deal that comes
along.

21. Moving Out Before You Sell Can Put
You at a Disadvantage

It has been proven that it's more difficult to sell a home that
is vacant because it becomes forlorn looking, forgotten, no longer
an appealing sight. Buyers start getting the message that you have
another home and are probably motivated to sell. This could cost you
thousands of dollars.

22. Deadlines Create A Serious
Disadvantage

Don't try to sell by a certain date. This adds unnecessary
pressure and is a serious disadvantage in negotiations.

23. A Low Offer - Don't Take It
Personally

Invariably the initial offer is below what both you and the
buyer knows he'll pay for your property. Don't be upset; evaluate
the offer objectively. Ensure it spells out the offering price,
sufficient deposit, amount of down payment, mortgage amount, a
closing date and any special requests. This can simply provide a
starting point from which you can negotiate.

24. Turn That Low Offer Around

You can counter a low offer or even an offer that's just under
your asking price. This lets the buyer know that the first offer
isn't seen as being a serious one. Now you'll be negotiating only
with buyers with serious offers.

25. Maybe the Buyer's Not Qualified

If you feel an offer is inadequate, now is the time to make sure
the buyer is qualified to carry the size of mortgage the deal
requires. Inquire how they arrived at their figure, and suggest they
compare your price to the prices of homes for sale in your
neighborhood.

26. Ensure the Contract is Complete

To avoid problems, ensure that all terms, costs and
responsibilities are spelled out in the contract of sale. It should
include such items as the date it was made, names of parties
involved, address of property being sold, purchase price, where
deposit monies will be held, date for loan approval, date and place
of closing, type of deed, including any contingencies that remain to
be settled and what personal property is included (or not) in the
sale.

27. Resist Deviating From the Contract

For example, if the buyer requests a move-in prior to closing,
just say no, that you've been advised against it. Now is not the
time to take any chances of the deal falling-through.